Friedberg argues that capital diffusion into small software projects prevents concentration on transformative breakthroughs like semiconductors.
“And you could probably make 50,000,000 in return. That's a nice little 10 bagger. Great. Let's do that.”
Friedberg argues too much capital flows into small software projects seeking quick 10x returns.
“And you could probably make 50,000,000 in return. That's a nice little 10 bagger. Great. Let's do that. And then let's plow a trillion dollars into that concept.”
Friedberg persisted with building agricultural software despite investors telling him to focus on the insurance business instead.
“How do we retain our agents from last year? Just all the typical stuff that goes on with scaling a business.”